Who is required to file income tax returns for AY 2014-15?

Who is required to file income tax returns for AY 2014-15? - Moneycontrol.com

If you are an individual (other than a company or a firm) than you will have to file your return if your Gross Total Income before any deductions is more than the exemption limit. Deductions in this case will be the usual 80C to 80U deductions.

 We have just finished off with the financial year 2013-14 which I hope has been financial very rewarding and satisfying for every one of you. And it’s again that time of the year when the rush to file your Annual income Tax Return will start. Today we are going to see whether you as an individual or as company are liable to file return of income for the assessment year 2014-2015.

In India it is mandatory for you to file returns in the following scenarios:

If you are an individual (other than a company or a firm) than you will have to file your return if your Gross Total Income before any deductions is more than the exemption limit. Deductions in this case will be the usual 80C to 80U deductions.

The Minimum Exempt Income limit is as follows:

• In case of every individual, whether male or female the limit is Rs. 2, 00,000.
• In case of an individual who is 60 years or more at any time during the Financial Year i.e. a Senior Citizen than the minimum Exempt Limit is Rs. 2,50,000
• In case of an individual, who is 80 years or more at any time during the Financial Year i.e. a Super Senior Citizen than the minimum Exempt Limit is Rs. 5,00,000

o If as an individual, additional TDS has been deducted from your Income then you have to file your returns in order to claim a Refund.

o If you are an individual, who has incurred Loss under the head “Income from House Property or Business Profession, Capital Gains or Other Sources”, then such an individual has to file a return in order to Carry Forward or Set-off Losses in the next assessment years.

o If you are a Company (whether private or public) or a Firm it is mandatory for you to file your Income Tax return. This is to be done irrespective of whether you have made profit or loss during the year.

o  If you are a Resident Indian and you have any asset or a financial interest in any organization based out of India then you are required to file your return irrespective of whether there is any taxable income that you have earned or not.

This will not apply if the individual is a Non-Resident or Not an Ordinary Resident.

o If you are a person who is in receipt of Income derived from any property which is held by a trust, institution or any other body or association, then such a person shall be liable to file returns if such income exceeds the minimum exempt limit.

o In case you are an NRI and you have earned any taxable income or any taxable income has accrued in India then you have to file an income tax return in India.

o  Nowadays when anyone goes to apply for a loan from a Bank or Financial Institution they ask for copies of IT Returns in order to check their credit worthiness. Also while obtaining visas of certain countries submission of last three years Income Tax return is must.

Thus, as you can see there are many reasons why one has to file income tax returns. Some are compulsory while some are for your own benefit. Whatever the reasons be, filing of returns is important and that too on time, as you never know when it will be required.

Source: http://www.moneycontrol.com

The Lokpal and Lokayuktas Act, 2013 - Submission of declaration of assets and liabilities by the public servants: DoPT's OM & Forms

The undersigned is directed to refer to the subject mentioned above and to say that the Government has since notified the Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the limits for Exemption of Assets in Filing Returns) Rules, 2014 under the Lokpal and Lokayuktas Act, 2013 on 14.07.2014. The same is available in the website of this Department.

2. Every public servant is now required to file declaration, information or return, as the case may be regarding his assets and liabilities as on 31st March every year, to the competent authority, on or before the 31st July of that year. Every public servant is also required to file revised declarations, information or as the case may be, annual returns as on the 1st August, 2014, to the competent authority on or before, 15th September, 2014.

3. All Ministries/ Departments are, accordingly, requested to bring the provisions of the Public Servants (Furnishing of Information and Annual Return of Assets and Liabilities and the limits for Exemption of Assets in Filling Returns) Rules, 2014, to the notice of all CSS Officers under their administrative control.

4. The web based cadre management system will be modified to include all the forms now prescribed under the above quoted rules. However, it will take some time before it is incorporated in the system and made operational for filing of declarations, returns etc. In the meanwhile all CSS Officers are advised to file hard copy of the revised declarations, information and returns to their Ministries/ Departments well before the closing date of 15.9.2014. Ministries/ Departments are requested to forward the declarations, information, returns submitted by US and above level officers of CSS to CS.I Division, DoPT for records. A

sd/-

(Utkarsh R Tiwaari)

Director

Return of Assets and Liabilities on First Appointment 

Form No. 1 - Details of Public Servant, his/her spouse and dependent children

Form No. 2 - Statement of movable property on first appointment page 1

Form No. 2 - Statement of movable property on first appointment page 2

FORM No.III Statement of immovable property on first appointment

FORM No.IV Statement of Debts and Other Liabilities on first appointment

Source: http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02csd/IPR.AssetsLiabilities.pdf

DEPARTMENTALISATION OF GRAMIN DAK SEVAKS (GDS) AND INCLUSION OF GDS UNDER 7TH CENTRAL PAY COMMISSION.

FIRST HEARING OF THE COURT CASE ON 7TH MAY 2014

 HON’BLE DELHI HIGH COURT ISSUED NOTICE TO THE GOVERNMENT AND DEPARTMENT OF POSTS.

          As already reported the Hon’ble Delhi High Court has issued notice to Government and Department of Posts in the Writ Petition filed by NFPE & AIPEU-GDS (NFPE) in the Hon’ble Supreme Court of India which stands transferred to Delhi High Court for grant of Civil Servant status and inclusion of GDS in 7th Central Pay Commission.  Next hearing of the case is posted for 7th May, 2014.  In the Writ Petition filed by NFPE & AIPEU-GDS (NFPE) following are the main prayers:

(1)     Give direction to the Government of India and Department of Posts to grant Civil Servant Status to GDS as per the 1977 Supreme Court Judgement and grant all the benefits of the Departmental Employees.

(2)     Include GDS under the purview of 7th CPC.

(3)     Quash the GDS conduct & Engagement Rules 2011.

          Government of India, Department of Posts shall have to file its reply in the High Court.  Now the files have started moving in the Directorate and                DOP&T.

Recognised GDS Union (Mahadevaiah) has no role to play:

          Recognised GDS Union (Mahadevaiah) has already signed an agreement with the Department of Posts accepting separate committee for GDS and accordingly Government has EXCLUDED  GDS from the purview of the terms of reference of the 7th Central Pay Commission.  NFPE & AIPEU-GDS (NFPE) is fighting both organisationally and legally for Departmentalisation and for inclusion of GDS under 7th CPC.

          Shri. Mahadevaiah wrote in his journal (April 2014 Issue) and website supporting separate committee for GDS and claimed that separate committee is better than 7th Pay Commission.  In his journal and website he wrote as follows:

          -  “One man GDS committee more independent than a judge heading a pay commission with other members” (!!!!).  Thus Shri. Mahadevaiah has fully justified separate committee for GDS and he claimed that he has signed a “respectable agreement” by accepting separate one-man committee!!

          Let Shri.Mahadevaiah and his Recognised GDS Union support the Government and Department of Posts, by cheating three lakhs GDS by signing their “ death warrant ” in the name of “ respectable agreement”.  NFPE & AIPEU-GDS (NFPE) will not compromise with the Government and shall continue its struggle both legally and organizationally.

SHRI MAHADEVAIAH DON’T WANT THE SUPPORT OF

 DEPARTMENTAL EMPLOYEES

            Shri.Mahadevaiah, General Secretary of the recognised GDS Union has requested the Department of Posts NOT TO ALLOW other Federations and Unions to take up the issues relating to the Gramin Dak Sevaks.  As Shri. Mahadevadevaiah has helped the Government and Department by accepting separate committee for GDS, the Department accepted the request of Shri. Mahadevaiah and issued orders.  It shows that Shri Magadevaiah don’t want the support of Departmental employees who are members of NFPE & FNPO.  NFPE & / AIPEU-GDS (NFPE) believes that the GDS demands can be achieved only with the full support and joint struggle of both GDS & of the Departmental employees. 

          This is the difference between the recognised GDS Union (Mahadevaiah) and AIPEU-GDS (NFPE).  LET THE GDS employees decide which union stands for the cause of GDS.

ALL GDS& DEPARTMENTAL EMPLOYES  BE READY TO FINISH THE RECOGNISED GDS UNION IN THE NEXT MEMBERSHIP VERIFICATION

          Recognition is not a licence to cheat the GDS employees.  Recognised GDS Union has signed an agreement with the Department accepting separate committee and thus admitting that GDS are not civil servants.  Thus recognized GDS Union’s role is over and it has no role to play hereafter.  NFPE & AIPEU-GDS (NFPE) is challenging in the Delhi High Court the stand taken by the Department of Posts and the Recognised GDS Union (Mahadevaiah). 

          NFPE & AIPEU-GDS (NFPE) calls upon all GDS Departmental Employees be ready to finish the “Recognised GDS Union” in the next membership verification.  We are sure that AIPEU-GDS (NFPE) shall become the NUMBER ONE  recognised GDS union in the next membership verification with flying colours. Days are not far away.

M.KRISHNAN

SECRETARY GENERAL

NFPE         

Clarification on increase in certain allowances by further 25% as a result of enhancement of Dearness Allowances w.e.f. 1.1.2014 —

Click here

CADRE RESTRUCTURING AGREEMENT- UNIONS SIGNED on 28.04.2014

 NFPE- FNPO

           NATIONAL FEDERATION OF POSTAL EMPLOYEES

         FEDERATION OF NATIONAL POSTAL ORGANISATION

                           CENTRAL HEAD QUARTERS, NEWDELHI

                                   28/04/2014

               * CADRE RESTRUCTURING AGREEMENT SIGNED *

                 At last after several round of protracted negotiations with the administration, JCM Staff side, Departmental council ( NFPE & FNPO) has signed the cadre restructuring proposal. The staff side has tried to the best of its ability to make maximum improvement in the proposal. In spite of our hard bargaining we could not achieve 100 percent success. Our demand for separate higher pay scale for PO& RMS Accountants, Creation of separate cadre for System Administrators or grant of special pay/allowance, bringing MTS also under cadre restructuring etc is not accepted by the administration. Regarding Postmaster Cadre after much bargaining, it is agreed to examine our claim for higher pay scale after the present proposal is approved by the government.

                  As Govt has already appointed 7^th CPC and the Pay Commission has already published the questionnaire, any further delay in completing the cadre restructuring will adversely affect the interest of Postal employees. We will take up the remaining issues, which are not agreed by the administration in the cadre restructuring committee with the 7^thCPC in our memorandum and make one more effort to get a favourable recommendation.

                  Taking into consideration all the above aspects and also keeping in mind the larger interest of the employees, we have decided to sign the agreement

Copy of the agreement is published below.

The Salient features of the agreement are as follows :

1. Number of LSG posts will increase from 8 % to 22 %

2. Number of HSG II  posts will increase from 2 % to 12 %

3. Number of HSG I  posts will increase from 1.5 % to 4 %

4. After completion of 2 years in HSG I the official will be promoted to 4800 GP (Non-functional Basis)

5. The above proposal will be applicable to RMS, Circle Office and SBCO in the same ratio

6. Postman/Mail guard will get the same ratio of promotion.

  The present proposal is to be approved by Postal Board, DoPT & Finance Ministry. We will make all out effort to get the proposal implemented at an early date.

                                                                        Yours sincerely

    D.Theagarajan                                                                               M.Krishnan

  Secretary General                                                                  Secretary General

         FNPO                                                                                              NFPE

Date of presentation of Cheque is being allowed as date of payment - Amendment to POLI Rules, 2011

Minutes of the 1st meeting of the Pay Commission Committee (PCC) held on 26.02.2014 - INDWF

Minutes of the 1st meeting of the Pay Commission Committee (PCC) held in the Conference Room with the representatives of the Federations and Associations at 11.00 hours on 26.02.2014.

List of those present in the meeting is annexed.

1. At the outset, Smt. Arti C.Srivastava Member – Secretary extended a warm welcome to all the invites. Member-Secretary further informed that a Pay Commission Cell (PCC) had been constituted under the chairmanship of Shri.Aidtya Mishra Sr.DDG/CP at OFB Hqrs to initiate deliberations and invite suggestions from all the stakeholders. Three preliminary meetings of the PCC have already been held. The meeting with the representatives of the Federations and Associations has been convened, as a part of the series of the meetings proposed to be held with all stakeholders to formulate views on various issues. A portal has also been launched on the OFB COMMENT to seek views of the officers, staff and employees on matters concerning 7th Pay commission and the General Mangers/Head of the Units have also been required vide Letter dated 14.02.2014 from the Chairman, PCC to have wide-ranging consultations in this regard and communicate their views and recommendations in the matter.

2. The Chairman of PCC, Terms of Reference ToR of the 7th Pay Commission are yet to be framed. However, at this stage, it is desirable if we pro-actively initiate all preparatory actions and crystallize our views and recommendations so that the same could be collated and compiled in the form of a comprehensive presentation before the pay commission at the appropriate time. Particularly, views are being sought on the methodology to the followed by the PCC, issues to be projected before the 7th Pay Commission and the areas/material/data to justify special considerations to the OF organisation vis-a-vis other organisations/cadres. In this connection, Chairman, PCC highlighted that issue relating to anomalies arising for the organisation, uniqueness about OFB, best practices in manufacturing sector, structural and policy limitations of the current system and the emerging ethos in line with other organisation could be deliberated. Therefore, Chairman, PCC invited representatives of the Federations and Associations to share their views in the matter.

3. From the views offered by the representatives of the Federations/Associations, it emerged that detailed proposals can be prepared only after the Terms of Reference (ToR) of the 7th CPC are finalised. The representatives of each Federation/Association however briefly raised the issues which would merit detailed consideration/deliberations at a later stage. Also based on the experience of the previous pay commission, it was proposed that :

1. it should be impressed upon the 7th CPC that the Ordnance Factories Organisation as an Industry has a different role to play and that its working is different from other Central Government Deptts. with employees working under hazardous conditions and hard stations.

2. All Cadre review proposals to be finalised immediately.

3. Anomalies arising out of the 6th Pay commission be settled.

4. Categories found to be not adequately taken care of in the 6th Pay commission be given thrust.

5. Recast skills, functions, roles of employees and pay structure to bring parity among various categories.

6. Outstanding of activities to be discouraged.

7. OFB to take lead in interacting with 7th CPC as done on earlier occasions.

4. After detailed discussions, it emerged that pending finalisation of the Terms of Reference of the 7th pay commission by the Government, certain issues summarised below, were required to be addressed and the views concretised to establish a platform for formulating clear and effective recommendations on various issues :

i. Early finalisation of all cadre review proposals – Action by DDG of the respective Cadre Controlling Authority Division

ii. Settlement of anomalies arising out 6th Pay commission – DDG/Admin, DDG/G&DDG/IR (for ii, iii and iv and v)

iii. Examine issues which have resulted in litigations

iv. Policy issues which require immediate consideration

v. Strengthening of the PPC Cell at OFB Hqrs.

5. The meeting ended with thanks to the Chair.

sd/-

(Smt. Arti C.Srivastava)

Member Secretary